Along with pension and tips, insurance up to 7 lakhs is available at EPFO, know the rules and benefits associated with it.

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In the event of the death of a registered employee, EPFO ​​allocates up to 7 lakhs in financial assistance to the candidate.

Employee deposit insurance: Hearing the name EPFO, most people think of a pension fund and a PF fund, many people don’t know that EPFO ​​also provides life insurance to its registered employees. Yes, you read it right. Along with tips and pensions, EPFO ​​also provides employee insurance coverage. This insurance cover has been provided to workers since 1976, but due to lack of information, most people are deprived of this opportunity. Today we will tell you about this EPFO ​​coverage and the rules associated with it.

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This facility has been in existence since 1976.

The Employee Deposit Insurance (EDLI) Scheme is administered by EPFO ​​with the interests of registered employees in mind. This scheme works as a combination with EPF and EPS. Under this scheme, if an employee dies while on the job, then EPFO ​​allocates up to 7 lakhs to their representative as financial aid. The purpose of this insurance scheme, which began in 1976, is to provide financial assistance to the worker’s family after his death.

Rules related to the amount of EDLI

  • An insured event received under the EDLI scheme depends on the employee’s salary for the last 12 months.
  • If an employee has worked continuously for 12 months, then only after his death, his candidate will be provided with a minimum financial assistance of 2.5 lakh.
  • The most important condition of this scheme is that under this scheme the employee will receive insurance only for as long as he works. That is, if he dies after leaving work, then his nominee or family cannot claim insurance.
  • Under this scheme, the worker’s family receives coverage of up to Rs 7 million.
  • An employee does not need to complete any separate application or form to join this scheme.
  • In this scheme, 0.5% of the PF deducted from employees’ salaries is deposited.
  • This scheme works as a combination of EPF and EPS.

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Most people think that all money deducted in the name of PF from his salary is deposited into the PF account, whereas it is not true that 8.33% EPS, 3.67% EPF and 0.5% of the amount PF is deducted from your salary each month EDLI is deposited in the scheme.



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